Listing Agreement Cancellation Clause Format In Virginia
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Final answer: In terms of a real estate transaction, the ability to cancel a listing during the term of the listing agreement primarily lies with the seller and the broker.
In general, valid reasons for terminating a listing agreement include: A) Mutual agreement between the seller and agent, B) Completion of the sale, and C) Expiration of the agreed-upon time period, as these reasons reflect the successful conclusion or mutual termination of the contract.
Although the listing agreement is a legally binding document, your realtor may be able to work with you to cancel the contract or make necessary adjustments based on your situation.
A listing agreement should include a termination clause to outline conditions under which the property owner or real estate agent can end the contract early.
If you're set on canceling, send a formal request in writing, either via email or certified letter. Be sure to include your property address, the date, and a clear statement that you're terminating the agreement. If you want to work with a different agent in the future, be clear about the termination timeframe.
The Court held that under the law of agency, the seller's death terminated the relationship and the listing contract between the seller and the real estate agent.
